More new business loans
12 December 2025 - 4 min Reading time
In the third quarter of 2025, slightly more loans were requested compared to the same quarter last year. The amounts also increased. The number of loan applications rose by 0.5%, while the total amount requested increased by 7.3%.
The higher demand for credit was reflected in more newly granted loans. In the third quarter of 2025, 5.9% more business loans were approved than in the same period of 2024. The total amount of loans granted rose by 18.2%.
The outstanding volume of business loans at the end of September 2025 was 3.8% higher than a year earlier, amounting to €200 billion.
The rejection rate in the third quarter of 2025 was the fourth-lowest level of all third quarters since 2018.
Loan demand and production increase in both number and amount
In the third quarter of 2025, entrepreneurs applied for 0.5% more loans than in the same period last year, and for a higher amount. The requested amount rose by 7.3%. Despite numerous uncertainties, companies continue to invest, which positively influences the demand for credit.
The European Central Bank’s Bank Lending Survey (BLS) also shows that demand for loans or credit lines from non-financial corporations evolved positively in the third quarter of 2025.
The increase in demand also led to more loan production. The number of loans granted in the third quarter of 2025 was 5.9% higher than in the same quarter last year. The amounts granted were 18.2% higher than in the same quarter of the previous year.
Outstanding business loan amounts remain high
At the end of September 2025, the outstanding amount of drawn business loans, including commitment loans, stood at €200 billion, which was 3.8% more than a year earlier.
These include, for example, guarantee loans or documentary credits.
Banks’ credit policy remains largely unchanged
The rejection rate in the third quarter of 2025 was slightly lower than in the third quarter of 2024.
Based on the results of the quarterly survey by the National Bank of Belgium (NBB) on perceived credit constraints among businesses, banks appear to have tightened their credit conditions very slightly. However, the level of credit constraints remains low. The proportion of companies that considered credit conditions unfavourable rose to 13.6% in October 2025, compared to 11.4% in July 2025. The perception of credit constraints is largely linked to the level of interest rates, which increased slightly in August and September 2025.
Interest rates remain relatively stable
The weighted average interest rate on new business loans peaked at 4.66% in November 2023. By July 2025, this average rate had already fallen by more than one percentage point to 3.49%. In August and September 2025, the weighted average interest rate on new business loans rose slightly (to 3.54% and 3.58%, respectively).
